ZCX: CoinDesk’s Zcash Price Index

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The CoinDesk Zcash Price Index (ZCX) is the world’s leading benchmark for the price of zcash, used by the largest institutions active in the crypto market. Asset lenders, asset managers, market participants and exchanges all rely on the ZCX to provide real-time, equivalent USD percentage for zcash. The ZCX is one of a set of one- and multi-value indices offered by CoinDesk. *

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Index licensing

To inquire about real-time feeds, historical data, and benchmark licensing options for the CoinDesk Zcash Price Index (ZCX), other CoinDesk Indices products, and custom index development, contact us at indexes@coindesk.com or the form below.

ZCX overview

The CoinDesk Zcash Price Index (ZCX) represents a real-time, equivalent USD point index for zcash. The index value is algorithmically calculated once every second based on observed trading activity on leading exchanges, using the same methodology and infrastructure as the CoinDesk Bitcoin Price Index (XBX). Operating since 2014, the XBX is the benchmark for billions of dollars in assets under management and is the benchmark for hundreds of millions traded daily in the over-the-counter market.

The ZCX is designed as a benchmark that tracks liquidity adjusting for deviations caused by anomalies and manipulation tests at individual exchanges. While the precise formula underlying the index is proprietary, the key elements of the algorithm are outlined below.

Weighted volume

Exchanges with greater liquidity receive a higher weight in the index, increasing the ability to execute against the index in the underlying point markets. Liquidity weighting also mitigates the impact of volume spikes during off-peak trading hours.

Price Weighted variance

The index price reflects data points that are discreetly weighted in proportion to their variance from the rest of the cohort. As the price at a particular exchange diverges from the rest of the data points, its influence on the index therefore decreases in real time.

Inactivity Adjustment

The algorithm punishes stale ticks on any exchange. If an exchange does not have recent trading data, its weight is gradually reduced until it is completely relieved. Similarly, after performance resumes, the equivalent weighting for that item is gradually increased until it reaches the appropriate level.

Advantages of the CoinDesk Zcash Price Index (ZCX)

  • Resistant to manipulation: Automatically lowers manipulation tests and market anomalies.
  • Real time: Responsive to market movements, maintaining the overall stability of the index.
  • Maximum reproducibility: Real-time weight flows are available for index reproduction in spot markets.
  • Reliable APIs: 99.9999% XBX Index uptime recorded since 2015.
  • Compliance: Index algorithm and governance based on IOSCO’s financial benchmark framework.
  • Fully verifiable: Historical exchange prices and weights stored for each data point.
  • The recognized market standard: Widely recognized as the highest performance index for NAV calculation, derivatives and OTC trading.

Live Data

For live pricing and upgrades, visit TradeBlock, our subsidiary of an index agent.

* These indices are products for financial institutions, and are separate from the prices on which CoinDesk publishes coindesk.com.

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